"Raise less corn and more hell!" We print shotgun journalism, use "bad grammar" whenever possible and write with a short fuse from our farm in North Jefferson County, Kansas. Our slogan: "Hayseeds and bovines, unite! Stampede the clutterfreaks! Life is short!" Email us at: bluebarnnewscentral@gmail.com

Monday, October 24, 2011

How much of our income goes to Wall Street? Anthropologist David Graeber, a specialist in the study of debt, recently set out to find out how much of an average American income ends up “appropriated” by the financial industry “in the form of interest payments, fees, penalties, and service charges.”

Graebner would quickly find that no government agency is actually compiling all that exact information. But mortgage and consumer interest charges alone, he discovered from Federal Reserve data, are eating up 15 to 17 percent of average household income, and that figure doesn’t include either student loans or “penalty fees” on bank and credit card accounts.

Overall, Graebner estimates, at least one dollar of every five Americans earn is “now likely to end up in Wall Street’s coffers in one way or another.” That’s substantially more than average Americans pay in federal income tax. Maybe we need some “tax reform” on all the levies Wall Street imposes on us.

We also need, of course, a good bit of serious reform on federal taxes as well. Twenty-five years ago this past Saturday, an attempt at that serious reform went into law. That attempt failed miserably. In this week’s Too Much, we wonder why.

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